Trader’s Tech – MetaTrader 4 #2



Tim Black hosts the live trading room for the Asia trading session. His background is in computers and technology. He is addicted to technology, charts and technical analysis and enjoys teaching and sharing his viewpoints in these areas.

I guess it’s way past time for another Trader’s Tech tip. I’ll try to get a couple of them out this weekend. This time let’s talk about this MetaTrader 4 tutorial.

I was going to move on to another platform for a few tips, but I decided to stick with MT4 since I got a few questions after my last post. This time I’ll discuss using chart templates. All instructions assume the default configuration of MT4.

Chart templates are used to duplicate elements from one chart into another (or several others.) If you regularly use a certain color scheme or a lot of indicators in your charts, you will want to make a template of your chart setup.

To create a chart template, start by opening a chart. Click the New Chart toolbar button on the far left of the top toolbar and select your currency pair.

MetaTrader Chart Menu

Once your chart is open, change the colors (Chart/Properties…) and add all the indicators and lines you want. When you’re done, click on the Templates tool (to the far right on the top toolbar) and select Save Template…

MetaTrader Templates Menu

You will see the Save As… dialog box. In the File name: field near the bottom, enter a name for your template. Make it descriptive so you will recognize it in the listing. If you use the file name “default” (without the quotes), that is the template that will be used when you create a new chart.

MetaTrader Templates Save As Dialog Box

To apply your template, open a chart as before. Then click the Templates toolbar button, select your template from the list and voila! your chart is transformed before your very eyes. 🙂

You can use chart templates to duplicate your lines on charts across several time frames. For example, you may like to see the EUR/USD in 1m, 5m, 15m, and 60m time frames (like I do.) You can use one of the charts to add all your indicators, trend lines and support/resistance lines. Save it as a template and apply that template to all the other time frames. Keep in mind when doing this, most lines are meaningless when applied to a chart of a different currency pair.

I welcome your questions and comments. As always, please be constructive in your comments. Follow me on Twitter for trade updates and stupid jokes (not too many of them, though, I promise.) My next post will be about using MetaTrader 4 Profiles for accessing groups of charts quickly.

May the pips be with you!

Tim

Secret Asian Man 😉

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  • Metatrader programing

    Nice posting. Thanks for sharing such a nice article and very informative too. Liked the post. keep it up.

  • Patricio A.

    Your welcome, I really like to help people!!! It’s my way to be reciprocal with all the people that helped me, like you :). I’m electronic engineer and PC, software, internet, are my likes, so mt4 and this issues are familiar to me.

    Patricio

  • FELIX EZECHI IHUOMA

    PLS HOW DO I KNOW TREND ON 4HOUR IF I WANT PLACE MY TRADE ON 15MINUTE CHART . I MEAN HOW TO DRAW THE TREND LINE

  • Patricio A

    Hi Johan, this can do with a script (a little program that executes certain jobs). In some place I see a script that closes partially a trade in different levels… Sorry Ican’t make a script, but looking in google I find that ibfx have the script incorporated in its mt4.

    Hope this helps

    Patricio

  • Patricio A

    Hi Bernbach, it’s easy like 123, you could copy the templates and profiles going to the folder that contains mt4 (usually c:Program filesinterbank fx trader 4 as an example) and inside this folder are two: “profiles” and “templates”, if you like you could copy the two folders or look inside and copy the files you need (mt4 creates a folder with the name of the profile inside the folder “profiles”). After the copy, format the pc, installs everything include mt4 and before open mt4, copy the folders in the same location and bingo
    PD It’s necesary to copy the indicators also (in the folder expertsindicators) and scripts if you have.
    Hope this help you

    Patricio

  • Johan

    I would like to know the sofware to be able to use to close all trades at the same time. Automatically and not manually one by one. MT4 is very long and slow to close the trades, especially when you have more small ones, which needs to be closed immidiately. I overheared that it exists.
    Johan

  • Bernbeach

    This is interesting Tim and.. each time I had to reinstall windows AND MT4 all the profiles were gone :(. Yes I could use the template but I had to start creating all the currency pair profile set ups…all over again. Do you have a clue how to save the profiles after reinstalling MT4 completely? Thanks in advance Bern in Belgium

  • George

    Great, another quick and dirty way to apply a template to a different pair is to drag it from the market watch list onto the current chart and you and see it with all the indicators applied, this is useful to quickly scan many pairs in a few seconds with the same indies.